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</font><h1 style="margin: 24pt 0in 0pt;"><strong><font color="#365f91" face="Cambria" size="5">Market Valuations and Expected Returns – Jun. 6, 2013</font></strong></h1><font color="#000000" face="Times New Roman" size="3">

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</font><p style="margin: 0in 0in 0pt; line-height: normal;"><span style='font-family: "Times New Roman",serif; font-size: 12pt; mso-fareast-font-family: "Times New Roman";'><font color="#000000">In the first half of 2013, the stock
market gained 2.44% in January, 0.10% in February, 3.36% in March, 2.27% in
April, and 3.04% in May. This is after a double-digit return gain in 2012.
There is a saying that if the market is up in January, it will be up for the
year. We don’t know if this is true, it looks that way at least so far this
year. As investors are happier with the higher balances in their account, they
should never forget the word “RISK”, which is directly linked to the valuations
of the asset they own. A higher current valuation always implies a lower future
returns.<br></font><font color="#000000">
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